E&P Permitting Activity Showing Summer Slump in U.S. Natural Gas Plays
Permit approvals for U.S. onshore oil and gas drilling slowed in July versus June, dropping 8% to 1,538, according to new data compiled by Everus and Evercore ISI.
Permit approvals for U.S. onshore oil and gas drilling slowed in July versus June, dropping 8% to 1,538, according to new data compiled by Everus and Evercore ISI.
Lower 48 oil and gas permitting requests increased in March, up 26% over February, according to a compilation of federal and state data compiled by Evercore ISI.
Drilling permits in the natural gas-rich Marcellus, Utica and Haynesville shale plays showed strong month/month growth in December 2023 but remained 16% below the December 2022 total, according to the latest tally by Evercore ISI.
Oil and natural gas permitting in the Lower 48 fell by double-digits in November from a month earlier, driven by losses in the Permian Basin, according to Evercore ISI.
Oil and natural gas permitting in the Lower 48 slowed down sequentially in October, although the monthly permit count was up on both a year/year basis and when compared to pre-Covid October 2019 numbers, Evercore ISI data show.
August natural gas and oil permitting across the Lower 48 reversed course from July, particularly in the Permian Basin, but activity still was higher than a year ago, according to data compiled by Evercore ISI.
June is usually a strong month for U.S. oil and gas permitting, but activity overall dipped for the second month in a row, according to an analysis by Evercore ISI.
Global oil and natural gas upstream spending is climbing sharply higher from initial 2022 forecasts, with North America likely looking at a 33% jump from last year.
The U.S. oil and gas drilling rig count is steadily rising, but permitting activity is a bit more wobbly, as the Lower 48 recorded a double-digit monthly dip in May.
Natural gas and oil demand has risen since Russia invaded Ukraine in late February, but exploration and production (E&P) executives in first quarter conference calls clung to capital discipline, favoring shareholder returns over boosting output.